Optimal Currency Areas And The Euro Volume I
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Author | : Johannes Kabderian Dreyer |
Publisher | : Springer Nature |
Total Pages | : 129 |
Release | : 2020-06-12 |
Genre | : Business & Economics |
ISBN | : 3030465152 |
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This book analyses business cycles synchronization in the Euro Area (EA), one of the 3 criteria that define Optimal Currency Areas (OCAs). Even before its launch, economists questioned whether the EA has what it takes to become an OCA. The onset of the sovereign debt crisis in 2010 confirmed the challenges relating to its construction. But did the EA change over time, and what key drivers may be necessary in the future to strengthen the common currency?
Author | : Thorsten Mannherz |
Publisher | : GRIN Verlag |
Total Pages | : 28 |
Release | : 2017-10-17 |
Genre | : Business & Economics |
ISBN | : 3668551340 |
Download The Theory of Optimal Currency Areas. Pros and Cons of the Eurozone Book in PDF, Epub and Kindle
Seminar paper from the year 2016 in the subject Economics - Finance, grade: 1,7, University of applied sciences, Cologne, course: Economics, language: English, abstract: On the 1st of January 1999, 11 European countries adopted the Euro as their official currency. A new Economic and Monetary Union with more than 300 million citizens was born. Sharing a common currency offers several advantages for countries, firms and citizens like enhanced cross-border trade, a better price transparency or the disappearance of foreign exchange rate risks. However, a Monetary Union also comes with constraints like the loss of exchange rate regime of its members which is an important instrument to fight adverse shocks. In order to minimize economic risks for its members and to foster the economic stability of the future European EMU, the European Union member states agreed to meet the Euro Convergence Criteria as a requirement to adopt the Euro. During the negotiations about the necessary criterion, the theory of Optimal Currency Areas – a theory which has its origin in the Bretton Woods era – was deliberately reincarnated by economists to verify whether or not the Eurozone can become a successful EMU. Until today the (traditional) OCA theory is often used by the literature and also by politicians to evince fundamental flaws of the Eurozone. This assignment investigates the Eurozone in the light of the theory of Optimal Currency Areas. In the first part of this assignment the main contributors to the theory of Optimal Currency Areas are enumerated and its most significant factors are explained. The second part applies the listed factors to the Eurozone in order to determine whether or not a specific criterion is fulfilled by the European EMU. A summary and conclusion complete this essay.
Author | : Johannes Kabderian Dreyer |
Publisher | : Springer Nature |
Total Pages | : 131 |
Release | : 2023-09-24 |
Genre | : Business & Economics |
ISBN | : 3031388674 |
Download Optimal Currency Areas and the Euro, Volume II Book in PDF, Epub and Kindle
This book is the second of three volumes that uses the theory of Optimal Currency Areas (OCAs) and applied econometric techniques to provide the reader with a compact analysis of the Euro area, its evolution and future perspectives. Each volume of the series is dedicated to one of the three critical criteria for an OCA: 1) business cycle synchronization, 2) factor mobility and 3) the existence of a risk sharing system. This second volume deals with the criterion of factor mobility. The authors investigate and discuss whether there are signs of labor and capital mobility that have helped dampen economic shocks among the regions of the Euro during its short history. The book is of interest to a wide range of researchers in financial economics, macroeconomics and economic policy.
Author | : Harry G. Johnson |
Publisher | : Routledge |
Total Pages | : 267 |
Release | : 2013-07-18 |
Genre | : Business & Economics |
ISBN | : 1135055254 |
Download The Economics of Common Currencies Book in PDF, Epub and Kindle
Gathering together the papers presented at the Madrid Conference on Optimum Currency Areas in 1970 this volume represents one of the first complete surveys of the theory and policy implication of monetary integration. The book discusses: the economics of fixed exchange rates relevant to monetary relations within an integrated monetary area the evolution of economic doctrine and a survey of optimum currency area theory problems of policy co-ordination within a currency area relevance of the monetary-fiscal policy mix problems of monetary union in developing countries the book predicted the establishment of an European currency but presented the case for greater flexibility of exchange rates as an alternative to currency unification.
Author | : Peter B. Kenen |
Publisher | : Cambridge University Press |
Total Pages | : 199 |
Release | : 2007-11-26 |
Genre | : Business & Economics |
ISBN | : 1139466038 |
Download Regional Monetary Integration Book in PDF, Epub and Kindle
This book surveys the prospects for regional monetary integration in various parts of the world. Beginning with a brief review of the theory of optimal currency areas, it goes on to examine the structure and functioning of the European Monetary Union, then turns to the prospects for monetary integration elsewhere in the world - North America, South America, and East Asia. Such cooperation may take the form of full-fledged monetary unions or looser forms of monetary cooperation. The book emphasizes the economic and institutional requirements for successful monetary integration, including the need for a single central bank in the case of a full-fledged monetary union, and the corresponding need for multinational institutions to safeguard its independence and assure its accountability. The book concludes with a chapter on the implications of monetary integration for the United States and the US dollar.
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2002 |
Genre | : |
ISBN | : |
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Author | : Mr.Leonardo Leiderman |
Publisher | : International Monetary Fund |
Total Pages | : 126 |
Release | : 1997-06-17 |
Genre | : Business & Economics |
ISBN | : 9781557756527 |
Download Optimum Currency Areas Book in PDF, Epub and Kindle
Robert Mundell's pioneering theory of optimum currency areas is revisited, with experts from the IMF, the BIS, the European Investment Bank, academia, European think tanks, and the Bank of Israel looking at its current practical applications, especially in the context of the forthcoming European Economic and Monetary Union (EMU). Robert Mundell himself offers an update to help in assessing the implications and consequences of EMU.
Author | : Mr.Tamim Bayoumi |
Publisher | : International Monetary Fund |
Total Pages | : 22 |
Release | : 1994-04-01 |
Genre | : Business & Economics |
ISBN | : 1451846177 |
Download A Formal Model of Optimum Currency Areas Book in PDF, Epub and Kindle
A model of optimum currency areas is presented using a general equilibrium model with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correlation between these disturbances, the costs of transactions across currencies, factor mobility across regions, and the interrelationships between demand for different goods. It is found that, while a currency union can raise the welfare of the regions within the union, it unambiguously lowers welfare for those outside the union.
Author | : Stephanie Kelton |
Publisher | : Edward Elgar Publishing |
Total Pages | : 232 |
Release | : 2003 |
Genre | : Business & Economics |
ISBN | : |
Download The State, the Market, and the Euro Book in PDF, Epub and Kindle
Is the theory of money that underlies most modern macroeconomics well-grounded? What determines the value of a currency, and how is the state's power over its currency related to its ability to stabilize prices and employment? Charles Goodhart's classic paper 'The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas' which first raised these questions is reprinted here, and the distinguished authors expand its line of argument and comment on its central themes. The issues discussed are of fundamental importance in contemporary monetary theory and policy. The State, the Market and the Euro presents two sharply contrasting theories of money - Chartalist and Metallist - and the resulting equally sharply contrasting approaches to macroeconomic policy. Academic monetary, financial and political economists will find this book of great interest as will policymakers, financial analysts and journalists.
Author | : Alberto Alesina |
Publisher | : |
Total Pages | : 66 |
Release | : 2002 |
Genre | : International trade |
ISBN | : |
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As the number of independent countries increases and their economies become more integrated, we would expect to observe more multi-country currency unions. This paper explores the pros and cons for different countries to adopt as an anchor the dollar, the euro, or the yen. Although there appear to be reasonably well-defined euro and dollar areas, there does not seem to be a yen area. We also address the question of how trade and co-movements of outputs and prices would respond to the formation of a currency union. This response is important because the decision of a country to join a union would depend on how the union affects trade and co-movements.